Bribery, Fraud & Tax Evasion
At Halliburton's recent annual shareholders meeting in Houston, all was remarkably staid as the company celebrated its $4 billion in 2008 operating profits, a striking 22% return at a time when many companies are announcing record losses. Just three months ago, however, Halliburton didn't hesitate to pay $382 million in fines to the U.S. Department of Justice as part of the settlement of a controversial KBR gas project in Nigeria in which the company admitted to paying a $180 million bribe to government officials.
Kim Woo Choong, whose career as the rags-to-riches founder of Daewoo Group ended in South Korea's biggest corporate fraud scandal, was sentenced today to 10 years in prison and ordered to forfeit 21.4 trillion won, or $22.57 billion.
Conrad M. Black, once a major force in business, political and social circles in Manhattan and London, was indicted in Chicago yesterday on charges that he and three former colleagues stole $51.8 million from Hollinger International, the giant international newspaper publisher he helped create.
WASHINGTON -- The multinational firms recently fingered for corrupt practices in the United States may be practicing similar operations on a larger scale in developing countries, say long-time corporate watchdogs.
NEW YORK (September 30) -- New York's attorney general today sought to force five telecommunications executives to give up millions of dollars in profits they earned selling shares in companies going public during the Internet boom.
A subsidiary of Karaturi Global, the Indian flower export multinational accused of land grabbing in Ethiopia and Kenya, has been declared bankrupt by a Dutch court. The company owes some $300,000 in the Netherlands, as well as upwards of $4 million in taxes in Kenya.
LONDON/NEW YORK -- Andersen said most of its U.S. tax partners would join rival Deloitte and Touche on Thursday, as the world's No. 5 accounting firm, facing a criminal charge for its role in the Enron scandal, headed further toward disintegration.
The U.S.-backed Iraqi cabinet approved a new oil law Monday that is set to give foreign companies the long-term contracts and safe legal framework they have been waiting for, but which has rattled labour unions and international campaigners who say oil production should remain in the hands of Iraqis.
A world-famous British scientist failed to disclose that he held a paid consultancy with a chemical company for more than 20 years while investigating cancer risks in the industry, the Guardian can reveal.